Exports rise 16.5 pct during first 10 days of May on strong chip sales

South Korea’s exports rose 16.5 percent on-year in the first 10 days of May on robust global demand for semiconductors, data showed Monday.

Outbound shipments reached US$16.81 billion in the April 1-10 period, compared with $14.43 billion tallied a year earlier, according to the data from the Korea Customs Service.

Per-day exports also advanced 16.5 percent on-year to $2.59 billion.

Exports, a key economic growth engine, have been recovering since late last year after a yearlong downturn.

In April, exports expanded 13.8 percent on-year to $56.2 billion, the seventh consecutive monthly gain, on the back of strong demand for semiconductors and vehicles.

Imports fell 6.7 percent on-year to $17.4 billion during the May 1-10 period, resulting in a trade deficit of $600 million.

Strong sales of semiconductors led the overall export growth.

Chip exports jumped 52 percent to $3.01 billion during the 10 days of this month.

Semiconductor exports accounted for 17.9 percent of the country’s total exports during the cited period, up 4.2 percentage points from a year earlier amid an industry cycle upturn.

Auto exports went up 8.9 percent to $1.46 billion, and sales of petroleum products jumped 14.1 percent to $1.62 billion.

Sales of steel products climbed 11.5 percent to $1.31 billion, while those of automotive parts shed 2.5 percent to $531 million.

By nation, shipments to China added 9.7 percent to $3.51 billion, and exports to the United States grew 12.5 percent to $2.86 billion.

Exports to the European Union rose 9.1 percent to $1.75 billion, and those to Vietnam soared 30.6 percent to $1.71 billion.

Shipments to Japan increased 11.3 percent to $856 million, and exports to Hong Kong surged 56.7 percent to $616 million, the data showed.

The government expected exports to advance 8.5 percent this year to reach a record high of over $700 billion.